Soybean prices showed mixed trading on Friday, with August futures rising by 1 ¼ cents to $9.73, while nearby cash prices dropped by 3 ¾ cents to $9.32 ½. Open interest increased by 20,965 contracts, indicating new buying interest, while soymeal futures experienced slight increases, and soy oil futures fell by up to 61 points. The count of delivery notices included 124 for August soybean meal and 20 for soybean oil.
For the week ahead, the weather forecast anticipates rainfall totaling nearly 5 inches in parts of Iowa, southern Wisconsin, and northern Missouri. Meanwhile, the export sales report reveals old crop soybean commitments at 51.493 million metric tons (MMT), surpassing USDA projections at 101% and reflecting a 94% pace of actual FAS exports at 47.887 MMT.
Ahead of the upcoming Crop Production report on Tuesday, traders expect U.S. soybean yields to average 53 bushels per acre (bpa), with total production projected at 4.374 billion bushels, an increase of 39 million bushels from the July estimates.
